PRINT LAST NAME, FIRST NAME DEMAND AND SUPPLY Use the graph below to answer questions 1 through 4. Price ($) 5 Supply 1 Demand 200 400 600 800 Quantity 1. Quantity demanded and quantity supplied are equal when the price is equal to: $1. b. a. $2. $3. C. d. $4. 2. If the price in this market is set at $2, a shortage; 200 shortage; 400 of units will result. a. surplus; 200 surplus; 400 c. b. d. If the price in this market is set at $4, a shortage; 200 shortage; 400 3. of units will result. a. surplus; 200 surplus; 400 C. b. d. If, at the current price, quantity demanded is equal to 400 units and quantity supplied is equal to 800 units, then price will: increase, causing quantity demanded to fall and quantity supplied to rise. increase, causing quantity demanded to rise and quantity supplied to fall. decrease, causing quantity demanded to fall and quantity supplied to rise. decrease, causing quantity demanded to rise and quantity supplied to fall. 4. a. b. C. d. 67 Chapter 4 Assignments 4+ 3. 2.

PRINT LAST NAME, FIRST NAME DEMAND AND SUPPLY Use the graph below to answer questions 1 through 4. Price ($) 5 Supply 1 Demand 200 400 600 800 Quantity 1. Quantity demanded and quantity supplied are equal when the price is equal to: $1. b. a. $2. $3. C. d. $4. 2. If the price in this market is set at $2, a shortage; 200 shortage; 400 of units will result. a. surplus; 200 surplus; 400 c. b. d. If the price in this market is set at $4, a shortage; 200 shortage; 400 3. of units will result. a. surplus; 200 surplus; 400 C. b. d. If, at the current price, quantity demanded is equal to 400 units and quantity supplied is equal to 800 units, then price will: increase, causing quantity demanded to fall and quantity supplied to rise. increase, causing quantity demanded to rise and quantity supplied to fall. decrease, causing quantity demanded to fall and quantity supplied to rise. decrease, causing quantity demanded to rise and quantity supplied to fall. 4. a. b. C. d. 67 Chapter 4 Assignments 4+ 3. 2.

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter4: The Market Forces Of Supply And Demand

Section: Chapter Questions

Problem 8PA

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